By Dimitra DeFotis

So says Stansberry Research in its latest missive, on the grounds that perceived “good times” can last for years even if the Fed’s “grand money-printing experiment will end badly.” The latter is an echo from Mr. Gloom and Doom, Marc Faber, in the latest Barron’s (See “Bubble, Bubble, Money & Trouble,” June 1. subscription required.) Stansberry writes:

“The market believes Fed Chairman Ben Bernanke has solved the world’s problems. Construction spending, manufacturing, and private employment are gradually improving. Bond yields are rising (because of expectations that a stronger economy will raise demand for credit)…. We’re also seeing an important change in market psychology. In the past few weeks, we’re seeing the “defensive” blue chips decline… and “growth oriented” companies like Ford Motor Co. do well. A rotation of money is taking place. … This change in market psychology signals a growing interest in equities that benefit from economic expansion. It signals the market is growing more comfortable with the idea that Bernanke has fixed everything (even if the fix is temporary). Look for Ford and other manufacturers of goods to do well.”

Shares of Johnson & Johnson (JNJ) and Procter & Gamble (PG), which boast 3.1% yields apiece, have moved in the opposite direction of Ford (F), with a 2.6% yield, in the past two weeks. It’s hard to think about Ford as a growth stock, U.S. autos geared to fuel efficiency are positioned well. Shares of all three stocks are down less than 1%, in midday trading.

“First-time jobless claims receded 11K during the last week of May; claims have remained in a relatively stable minus 5-10% year-to-year trend since early 2012, consistent with an ongoing gradual labor market recovery. The current level of claims is also consistent with an ongoing upswing in job openings. However, with unemployment still high and both long-term unemployment and underemployment at excruciatingly high levels, a full-employment recovery is still years into the future. Moreover, with core PCE inflation now at the lowest level on record, and five-year breakeven spreads falling below 200 bps, we are a bit baffled at all of the “Fed taper talk,” which seems untimely considering that the Fed still isn’t close to achieving either side of its dual mandate.”

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Earnings reports, corporate strategies and analyst insights are all part of what moves stocks, and they’re all covered by the Stocks to Watch blog. We also look at macro issues, investor sentiments and hidden trends that are affecting the market. Stocks to Watch gives you the full picture of the U.S. stock markets, all day long.

The blog is written by Ben Levisohn, a former stock trader who has covered financial markets for the Wall Street Journal, Bloomberg and BusinessWeek.